IC14 - LICENTIATE - Regulation of Insurance Business -41

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Q 1. Q1) In simple terms what does a VOID AB INITO Policy mean?

a) Policy exists

b) Policy does not exist ]

c) Risk of the insurer is deferred

d) Risk of the Insurer commences
 
Q 2. Q2) What does the Consumer Protection (Amendment) Act cover?

a) Covers all goods and services ]

b) Covers all services but no goods

c) Covers all goods but no services

d) Covers only goods and services made in India
 
Q 3. Q3) Which of the following is the Layering stage of Money Laundering?

a) Utilizing laundered money

b) Investing small amounts every day

c) Moving funds to a distant place ]

d) Introducing Illegal Profits into the Financial System
 
Q 4. Q4) What does a referral arrangement allow?

a) Sale of insurance products on the premises of the referral co

b) Undertake insurance-related activities in the referral co.

c) Sharing of a database of the customers of the referral co. ]

d) All the above
 
Q 5. Q5) The value of services and compensation claimed under National Commission is ___________.

a) Up to Rs. 20 lakhs

b) More than Rs, 20 lakhs but less than Rs, 1 crore

c) More than Rs, 1 crore but less than Rs, 2 crore

d) More than Rs, 1 crore ]
 
Q 6. Q6) If a policyholder applies for cancellation of policy soon after he receives the FPR

a) The full premium will be refunded.

b) The full premium after some deduction of expenses incurred for any medical test etc will be refunded. ]

c) The policy will be treated as lapsed from the next premium due date.

d) He will be debarred from taking any further insurance policies.
 
Q 7. Q7) In which type of insurance do we have the FREE LOOK period?

a) Fire insurance

b) Life insurance ]

c) Marine insurance

d) Wealth Insurance
 
Q 8. Q8) Which of the following statements is True? (1) A life insurer may offer life micro-insurance products as well as general micro-insurance products. (2) A general insurer may offer general micro-insurance products as also life micro-insurance products

a) Statement 1 is True

b) Statement 2 is True

c) Both are true ]

d) Both are false
 
Q 9. Q9) In which country did the concept of Micro Insurance Originate?

a) India

b) United States

c) Pakistan

d) Bangladesh ]
 
Q 10. Q10) Mr.A is working as a Nodal Officer in an Insurance Company. What is he dealing with?

a) Assessing risk

b) Licensing of agents

c) Managing administration for the branch

d) Handling Complaints ]
 
Q 11. Q11) __________ refers to the physical disposal of bulk cash proceeds derived from illegal activity

a) Placement ]

b) Layering

c) Integration

d) Smurfing
 
Q 12. Q12) Which document authorizes Micro Insurance Agent to collect the Proposal Form, Self Declaration of Health of Proposer, Distribution of Policy Documents, etc

a) Agency Contract

b) Deed of Agreement ]

c) IRDA Regulations

d) Deed of Partnership
 
Q 13. Q13) Cash Transactions above Rs 10 lakh per month have to be reported to FIU IND by the insurance company by _________

a) 15th of each month

b) 15th of next following month ]

c) Every 15 days

d) 15th every half yearly
 
Q 14. Q14) Appeal in National Commission can be made subject to deposit of_____________of the amount awarded or___________which ever is less.

a) 10%, Rs 35,000

b) 20%, Rs 35,000

c) 30%, Rs 35,000

d) 50%, Rs 35,000 ]
 
Q 15. Q15) ULIP is a Market Linked Insurance Product Governed by

a) RBI

b) SEBI

c) FEMA

d) IRDA ]



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